It bodes well that Guillermo would come over and play with us! Not just send over some sort of press release, but actually come up with a hobbit-style riddle to make his announcement. That shows fandom, and I find that promising.

(Here's where I put in my pitch to make both movies directly on "The Hobbit", so as to reduce cutting scenes out. You don't need a bridge film, because the bridge comes at the very end, when Balin drops in and visits Bilbo. Later on, in "The Lord of the Rings," Frodo mourns beside Balin's tomb, remembering Balin's visit long ago. Which indicates that Bilbo had adopted Frodo by then (some years after Bilbo's adventure, of course)--therefore Frodo can be present and referred to in the film, in child-form, in a cameo appearance in an epilogue scene. No need for a whole movie for that. If you want any bridge at all, which is not absolutely necessary.)

(Here also I can put in my pitch about "The Hobbit" belonging to a different sub-genre from "The Lord of the Rings." LotR was a quest movie, and it had to hone down to whatever most furthered the quest to destroy the Ring. In contrast, "The Hobbit" is a road-trip. The goal--to win treasure from a dragon--is not the true plot, but merely a motivating factor. As in all road-trip stories, the real plot is how the main character evolves through exposure to a variety of experiences far removed from the narrow existence he left behind. In this sub-genre, coherence or goal-relevance do not matter nearly as much as impact on character development, and seeming side-tracks often turn out the most important of all. Thus fighting the spiders is perhaps the most indispensible scene of all, in terms of showing and developing Bilbo's transition, whereas if one thought that obtaining gold was the goal, one might make the mistake of cutting that scene out. I accept that you will probably have to cut something. But please keep in mind the central importance of Bilbo's inner journey.) My website http://www.dreamdeer.grailmedia.com offers fanfic, and message-boards regarding intentional community or faerie exploration.